Jan 31, 2011


Edgewater Drills 10.72 g/t Gold over 17.0 m at Corcoesto Gold Project - Expands Mineralized Gold Zone

Vancouver, British Columbia. Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. ("Edgewater" or the "Company") is pleased to provide an update on the drilling program, results received to date and the on-going activities for the Company's 100% owned Corcoesto Gold Project ("Corcoesto or the Project") in Galicia, Spain.

Notable results to date include Hole 10E10 from 164m to 181m which averaged 10.72 g/t Au over 17.0m. This intercept is the highest grade x width intercept intersected to date on the Corcoesto Gold Project. Drill hole 10E10 is a 100m step-out which intersected the Pozo de Ingles structure down dip from previous drilling. In the Cova Crea area drill holes 10E02 and 10E07 are each 100m step-outs from previous drilling intersected the down dip portion of the structure and returned respectively 1.91 g/t Au over 12.3m (200.9m to 213.2m) and 2.28 g/t Au over 17.1m (261.2m to 278.3m).

George Salamis, President and CEO, states "With one third of the resource definition drilling completed, I believe the step-out drilling confirms significant potential to increase the current gold resource. This recent step-out drilling clearly demonstrates that the Pozo de Ingles and Cova Crea gold-bearing structures remain open at depth; we are now drilling the down dip extensions of these zones and are excited to see further potential. In addition, in-fill drilling continues to demonstrate good continuity between sections of previously drilled gold mineralization, with the goal of converting more inferred resources to a measured and indicated category."

The drilling is being directed at high priority targets, specifically strike and dip extensions of open ended gold mineralization within the Pozo de Ingles, Peton de Lobo, and Cova Crea structures as well as others. The main focus of the step-out drilling are areas with the potential for wider widths and higher gold grades which have been shown to be related to flexures in the mineralized structures and controlled by a distinct plunge to the mineralization evident from previous drilling. For a detailed drill location map please view a Corcoesto Plan map on the Company's website at www.edge-water.com.

The current multi-rig 12,000m drilling program is designed to expand the existing gold resource and provide sufficient data for the completion of an updated resource estimate and subsequently, the commencement of a Preliminary Assessment (Scoping Study) in H1 2011 at the Corcoesto Gold Project. Work to date is progressing on budget and ahead of schedule. The Company plans to drill a further 1800m as part of Phase I of this program and there will then be a brief pause in the drilling in order to allow the Company to assimilate the outstanding Phase 1 assays. Phase II, consisting of the remaining 6000m will then commence and it is expected that Phase II will be completed by the end of H1, 2011.

Previous work on the Project has consisted of geological mapping, geophysical surveying, and soil and rock geochemistry including trenching and 42,326.2m of diamond and RC drilling in 436 holes. This work has resulted in the estimation of a NI 43-101 compliant resource at Corcoesto consisting of a Measured and Indicated resource of 5,657,000 tonnes grading 1.73 g/t Au containing 315,000 ozs gold at a 0.65 g/t Au cut-off and an Inferred resource of 16,542,000 tonnes grading 1.66 g/t Au containing 885,000 ozs gold -- see details in News Release dated September 21st 2010.

Highlights of Corcoesto Drilling Results include;

Drill Hole

Mineralized Zone

Intercept From

To

Length (Meters)

Au (Au g/t)

Hole 10E01

Peton de Lobo

25.10

30.05

4.95

1.60

and

 

169.90

190.35

20.45

0.48

and

 

200.00

229.15

29.15

0.36

and

 

246.20

269.60

23.40

0.60

Hole 10E02

Cova Crea

159.00

165.00

6.00

4.27

and

 

200.90

214.20

13.30

1.81

incl.

 

212.10

213.20

1.10

14.85

Hole 10E03

Cova Crea

155.00

167.50

12.50

0.75

Hole 10E04

Pozo De Ingles

345.00

371.00

26.00

0.79

incl.

 

362.00

371.00

9.00

1.24

Hole 10E05

Cova Crea

174.70

182.80

8.10

1.71

Hole 10E07

Cova Crea

261.20

304.60

43.40

1.51

incl.

 

277.30

278.30

1.00

14.95

and incl.

 

298.00

304.60

6.60

3.20

and incl.

 

302.60

303.60

1.00

14.10

Hole 10E09

Pozo De Ingles

0.00

8.60

8.60

1.29

Hole 10E10

Pozo De Ingles

164.00

181.00

17.00

10.72

incl.

 

171.20

172.30

1.10

148.50

and

 

237.30

254.80

17.50

0.79

Hole 10E11

Cova Crea

19.50

29.00

9.50

0.91

Notes:
1) All reported intercepts are core lengths and true widths are estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
3) See attached table for complete set of results.

Drilling began in October 2010 (see News Release dated October 20th 2010) and to date eleven holes totalling 4221.8m have been completed. Results have been received for nine holes, results for two holes are pending and three drill holes are in progress.

The Company is also progressing with all necessary reports and activities in support of the Corcoesto mine license and permitting in the three applicable administrations: Environmental Department of La Xunta de Galicia, Mines Department of La Xunta de Galicia and the Municipality of Cabana de Bergantiños.

Details of the Corcoesto Project are available in the technical report entitled "Technical Report on the Corcoesto Gold Project, Galicia, Spain" date August 4, 2010 authored by Alan C. Noble, PE. of Ore Reserves Engineering filed on SEDAR at www.sedar.com under Edgewater's profile.

Sample analyses have been conducted at independent commercial facilities. Sample preparation is completed by Chemex in Seville, Spain and sample analyses completed at Chemex Labs. All sample analyses was completed using industry standard geochemical and fire assay practices and included a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of standards, blanks and duplicate samples randomly into the sample stream. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.

Mr. Gregory Smith, P.Geo., the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.

About Edgewater Exploration Ltd.

Edgewater is a mineral exploration company focused principally on acquisitions, advancement and development of precious metal properties. Edgewater is currently developing the Enchi Gold Project in Ghana, West Africa and the Corcoesto Gold Project in northwest Spain.

On behalf of the board of EDGEWATER EXPLORATION LTD.

"George Salamis"

George Salamis,
President and CEO

For further information, please contact:
Ryan King, Vice President
rking@edge-water.com
Telephone: (604) 628-1012

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

 From

To

Length (Meters)

Au (Au g/t)

As %

Au  GxT (g-m/t)

Hole 10E01

 

25.10

30.05

4.95

1.60

0.44

7.9

Hole 10E01

Incl.

28.45

30.05

1.60

2.63

0.75

4.2

Hole 10E01

 

169.90

190.35

20.45

0.48

0.51

9.8

Hole 10E01

Incl.

175.85

177.35

1.50

2.02

0.65

3.0

Hole 10E01

 

200.00

229.15

29.15

0.36

0.21

10.5

Hole 10E01

Incl.

206.90

207.90

1.00

2.05

0.73

2.1

Hole 10E01

Incl.

227.80

229.15

1.35

1.79

0.38

2.4

Hole 10E01

 

246.20

269.60

23.40

0.60

0.35

14.0

Hole 10E01

Incl.

251.15

252.45

1.30

1.38

0.28

1.8

Hole 10E01

Incl.

257.80

260.30

2.50

2.26

0.98

5.7

Hole 10E01

Incl.

259.30

260.30

1.00

4.15

1.23

4.2

Hole 10E01

Incl.

266.60

267.60

1.00

1.16

0.6

1.2

Hole 10E01

 

281.50

286.00

4.50

0.58

0.193

2.6

Hole 10E01

 

294.75

300.25

5.50

0.45

0.38

2.5

Hole 10E01

 

325.80

331.40

5.60

0.58

0.258

3.2

Hole 10E01

Incl.

329.80

331.40

1.60

1.05

0.18

1.7

Hole 10E01

 

361.70

364.30

2.60

0.77

1.26

2.0

Hole 10E01

 

384.00

387.15

3.15

0.60

0.255

1.9

 

 

 

 

 

 

 

 

Hole 10E02

 

76.40

79.00

2.60

1.37

0.362

3.6

Hole 10E02

Incl.

76.40

77.70

1.30

2.14

0.45

2.8

Hole 10E02

 

106.00

107.00

1.00

1.05

0.15

1.1

Hole 10E02

 

159.00

165.00

6.00

4.27

0.88

25.6

Hole 10E02

Incl.

159.00

164.00

5.00

4.85

0.9

24.3

Hole 10E02

Incl.

162.60

164.00

1.40

13.40

1.67

18.8

Hole 10E02

 

191.20

192.20

1.00

1.25

0.26

1.3

Hole 10E02

 

200.90

214.20

13.30

1.81

0.25

24.1

Hole 10E02

Incl.

200.90

213.20

12.30

1.90

0.25

23.4

Hole 10E02

Incl.

200.90

201.90

1.00

6.00

0.51

6.0

Hole 10E02

Incl.

212.10

213.20

1.10

14.85

1.28

16.3

 

 

 

 

 

 

 

 

Hole 10E03

 

21.00

22.00

1.00

3.10

0.271

3.1

Hole 10E03

 

85.20

86.40

1.20

1.11

0.203

1.3

Hole 10E03

 

105.20

106.25

1.05

1.61

0.64

1.7

Hole 10E03

 

111.00

114.50

3.50

1.39

0.06

4.9

Hole 10E03

Incl.

112.50

114.50

2.00

2.07

0.02

4.1

Hole 10E03

 

125.30

126.30

1.00

4.09

3.35

4.1

Hole 10E03

 

155.00

167.50

12.50

0.75

0.03

9.4

Hole 10E03

Incl.

157.50

158.80

1.30

4.81

0.01

6.3

Hole 10E03

 

196.40

197.40

1.00

0.51

0.38

0.5

Hole 10E03

 

235.00

236.00

1.00

1.10

0.45

1.1

 

 

 

 

 

 

 

 

Hole 10E04

 

16.75

17.90

1.15

0.62

0.09

0.7

Hole 10E04

 

220.50

222.00

1.50

0.61

0.19

0.9

Hole 10E04

 

223.50

224.50

1.00

0.72

2.33

0.7

Hole 10E04

 

228.75

230.00

1.25

0.52

0.53

0.7

Hole 10E04

 

258.00

259.00

1.00

2.66

0.72

2.7

Hole 10E04

 

286.40

287.40

1.00

3.32

0.832

3.3

Hole 10E04

 

296.00

297.00

1.00

2.27

0.959

2.3

Hole 10E04

 

345.00

371.00

26.00

0.79

0.32

20.5

Hole 10E04

Incl.

362.00

371.00

9.00

1.24

0.47

11.2

Hole 10E04

Incl.

346.00

347.40

1.40

4.47

0.71

6.3

Hole 10E04

Incl.

363.00

364.00

1.00

3.69

0.517

3.7

Hole 10E04

 

386.40

387.90

1.50

1.42

0.957

2.1

Hole 10E04

 

425.40

426.40

1.00

2.03

0.519

2.0

Hole 10E04

 

443.20

444.20

1.00

1.48

0.352

1.5

Hole 10E04

 

457.00

461.30

4.30

1.44

0.44

6.2

Hole 10E04

Incl.

457.00

458.50

1.50

3.31

1.01

5.0

 

 

 

 

 

 

 

 

Hole 10E05

 

65.80

67.20

1.40

2.73

0.962

3.8

Hole 10E05

 

145.50

146.50

1.00

0.66

0.345

0.7

Hole 10E05

 

174.70

182.80

8.10

1.71

0.75

13.9

Hole 10E05

Incl.

174.70

181.80

7.10

1.88

0.86

13.3

Hole 10E05

Incl.

174.70

175.70

1.00

4.31

0.826

4.3

Hole 10E05

Incl.

180.20

181.20

1.00

4.21

2.01

4.2

 

 

 

 

 

 

 

 

Hole 10E06

 

 

pending

 

 

 

 

 

 

 

 

 

 

 

 

Hole 10E07

 

69.60

70.60

1.00

3.57

0.54

3.6

Hole 10E07

 

122.00

123.00

1.00

0.55

0.19

0.6

Hole 10E07

 

168.70

169.70

1.00

1.33

0.61

1.3

Hole 10E07

 

261.20

304.60

43.40

1.51

0.33

65.5

Hole 10E07

Incl.

261.20

278.30

17.10

2.28

0.39

39.0

Hole 10E07

Incl.

262.30

268.10

5.80

3.28

0.54

19.0

Hole 10E07

Incl.

262.30

265.30

3.00

4.99

0.68

15.0

Hole 10E07

Incl.

277.30

278.30

1.00

14.95

1.46

15.0

Hole 10E07

Incl.

285.00

286.10

1.10

1.18

0.34

1.3

Hole 10E07

Incl.

298.00

304.60

6.60

3.20

0.58

21.1

Hole 10E07

Incl.

299.00

303.60

4.60

4.20

0.66

19.3

Hole 10E07

Incl.

302.60

303.60

1.00

14.10

1.3

14.1

 

 

 

 

 

 

 

 

Hole 10E09

 

0.00

8.60

8.60

1.29

0.83

11.1

Hole 10E09

Incl.

0.00

2.60

2.60

2.68

0.36

7.0

Hole 10E09

Incl.

7.10

8.60

1.50

2.07

1.58

3.1

Hole 10E09

 

39.50

41.50

2.00

0.49

0.03

1.0

Hole 10E09

 

57.00

58.00

1.00

2.05

0.84

2.1

Hole 10E09

 

78.20

79.40

1.20

3.47

0.44

4.2

Hole 10E09

 

102.50

106.00

3.50

0.79

0.48

2.8

Hole 10E09

Incl.

104.50

106.00

1.50

1.25

0.54

1.9

Hole 10E09

 

118.00

119.00

1.00

0.64

0.14

0.6

Hole 10E09

 

120.20

121.20

1.00

0.60

0.4

0.6

Hole 10E09

 

124.40

127.70

3.30

0.63

0.63

2.1

 

 

 

 

 

 

 

 

Hole 10E10

 

126.00

127.00

1.00

0.81

0.17

0.8

Hole 10E10

 

128.00

129.00

1.00

0.51

0.34

0.5

Hole 10E10

 

149.00

152.00

3.00

0.79

0.11

2.4

Hole 10E10

Incl.

149.00

150.00

1.00

1.51

0.11

1.5

Hole 10E10

 

157.00

158.00

1.00

0.53

0.37

0.5

Hole 10E10

 

164.00

181.00

17.00

10.72

0.71

182.2

Hole 10E10

Incl.

164.00

173.65

9.65

18.64

1.02

179.9

Hole 10E10

Incl.

169.00

172.30

3.30

52.03

1.45

171.7

Hole 10E10

Incl.

171.20

172.30

1.10

148.50

3.92

163.4

Hole 10E10

 

190.35

191.35

1.00

1.15

0.49

1.2

Hole 10E10

 

237.30

254.80

17.50

0.79

0.3

13.8

Hole 10E10

Incl.

237.30

243.80

6.50

1.19

0.43

7.7

Hole 10E10

Incl.

242.80

243.80

1.00

3.25

0.89

3.3

Hole 10E10

Incl.

250.00

254.80

4.80

1.23

0.44

5.9

Hole 10E10

Incl.

253.65

254.80

1.15

2.64

0.427

3.0

Hole 10E10

 

260.00

261.00

1.00

0.68

0.29

0.7

 

 

 

 

 

 

 

 

Hole 10E11

 

19.50

29.00

9.50

0.91

0.31

8.6

Hole 10E11

Incl.

19.50

20.50

1.00

5.63

1.085

5.6

Hole 10E11

Incl.

24.80

25.80

1.00

1.41

0.308

1.4

Hole 10E11

 

46.50

47.50

1.00

0.54

0.642

0.5

Hole 10E11

 

68.00

73.20

5.20

0.60

0.22

3.1

Hole 10E11

Incl.

68.00

69.00

1.00

1.80

0.468

1.8

 
 

You can view the Next News Releases item: Tue Feb 15, 2011, EDGEWATER RECEIVES 90 YEAR MINING LEASES FOR CORCOESTO GOLD PROJECT, GALICIA, SPAIN

You can view the Previous News Releases item: Fri Jan 21, 2011, Exploration Update on the Enchi Gold Project, Ghana

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